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Location-based ad service PlaceIQ raises $15M

PlaceIQ analyzes mobile location data to help brands better analyze, and target, customers

Financial trends and news by Steven Loeb
February 10, 2014 | Comments
Short URL: http://vator.tv/n/34f1

(Story has been updated to reflect correct amount of PlaceIQ's total fundraising)

Remember the old adage about real estate: "location, location, location"? The same mantra can be successfully applied to mobile advertising as well.

The holy grail of sending ads via mobile is not just being able to exactly pinpoint where the user is currently, but also knowing. what they are interested in, in order to send them local deals that they can use right away. It is about gaining a greater understanding of the user and what stores, and deals, will be more appealing to them to best be able to target them. 

PlaceIQ, a company dedicated to building more accurate and targeted mobile audiences, has now raised $15 million in a Series C, it was announced on Monday. The round was led by new investor Harmony Partners. Additional new investor Iris Capital and existing investors from the company's Series B also participated.

This latest funding brings PlaceIQ's total fundraising to nearly $27.8 million. The company raised $6.75 million in a Series B financing round in May of last year.

The money will go toward supporting the development is platform and solutions, the company said. That includes a focus on the development of a consumer insights product suite, which will be tailored for organizations "seeking to understand human behavior."

In addition, PlaceIQ also announced that it is going to be expanding its relationship with Publicis Groupe through a strategic partnership with VivaKi, which will bring PlaceIQ's technology to Publicis Groupe's agencies.

PlaceIQ is a company that helps to build greater mobile audiences, and analytics, from location intelligence for digital advertising. It does this by providing location intelligence, which enables advertisers to more effectively target mobile customers.

Its core product is PIQ Audiences, which defines and targets audiences based on their mobile location history data. 

With this product, PlaceIQ says that can identify almost a million relevant audiences for brands across lifestyle, entertainment, sports, dining and more. It also gives marketers an accurate solution for reaching their target consumers.

Over the past year, the company grew healthily. Its employee ccount rose by 444%, with the addition of over 70 people, and the expandsion if its sales force in Chicago, Los Angeles, San Francisco, and Detroit. In addition, the company became profitable for the first time since it was founded in 2010 by growing revenue 8 fold last year. 

By partnering with VivaKi, all Publicis Groupe agencies will have access to PlaceIQ's product suite and a host of benefits, including more targeted audiences through PlaceIQ's product offerings and data. 

"Having expanded our business significantly over the past year by delivering on the promise of location intelligence for agencies and brands, this new investment is a vote of confidence in our vision," said Duncan McCall, CEO of PlaceIQ, said in a statement. "We plan to build upon this foundation and truly demonstrate that mobile is a key to understanding consumer behavior, and our new partnership with VivaKi is a testament to this approach."

PlaceIQ could not be reached for further comment. 

(Image source: http://behappy.me)

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